Partial transcript of Sen. Carl Levin’s (D-Michigan) Q&A with Credit Suisse executives on “Offshore Tax Evasion: The Effort to Collect Unpaid Taxes on Billions Hidden in Offshore Accounts”. The hearing before the Senate Permanent Subcommittee on Investigations was held on Feb. 26, 2014:

Sen. Carl Levin (D-Michigan):
Now, let me go back to this so-called investigation which you’ve carried on. In answer to Dr. Coburn’s question, I believe this was you, Mr. Dougan, who responded to this question. You have an internal investigation going on on the issue of aiding and abetting tax evasion and you’re conducting interviews and you’re looking at documents and so forth. You indicated there’s not going to be a written report. I don’t understand how you can something as serious as you say you’re undertaking and not have a written report. But that is your testimony under oath that there are no written reports about that –

Brady Dougan, Chief Executive Officer of Credit Suisse Group AG:
I said we have not yet had a summary written report. We’ve had a number of reports, but we haven’t had a summary report because we view this as an ongoing process.

Sen. Carl Levin (D-Michigan):
All right. I think we’ve asked you for those ongoing written reports, have we not?

Brady Dougan, Chief Executive Officer of Credit Suisse Group AG:
I believe you have, and I think we’ve given very – had many sessions with the subcommittee updating them on the progress of the projects. I think in fact the subcommittee’s report today chronicles in great detail through many, many pages all of the different efforts that we’ve made over the past five years to get at this problem and to get it right.

Sen. Carl Levin (D-Michigan):
Let me go back to my question. You say that you have some written reports but not a summary report, and I believe we’ve asked you for the written reports that you do have. Is that correct?

Brady Dougan, Chief Executive Officer of Credit Suisse Group AG:
Well, I believe we have provided on an ongoing basis –

Sen. Carl Levin (D-Michigan):
No. I’m just talking about the written reports that you do have. I’m not talking about the summary report. I’m talking about these ongoing written reports. Have we asked you for those reports?

Sen. Carl Levin (D-Michigan):
You know whether we’ve asked for those written reports as part of this very, very detailed investigation that you have undertaken? I mean, you’ve described this as a major investigation.

Sen. Carl Levin (D-Michigan):
Okay. And there are some ongoing written reports not yet a summary report. I think that’s what you just said.

Brady Dougan, Chief Executive Officer of Credit Suisse Group AG:
Yes.

Sen. Carl Levin (D-Michigan):
Now, those ongoing written reports – have you made those available to this subcommittee?

Brady Dougan, Chief Executive Officer of Credit Suisse Group AG:
I believe we have shared those with the subcommittee but maybe Mr. Cerutti can –

Sen. Carl Levin (D-Michigan):
Have you, Mr. Cerutti?

Romeo Cerutti, General Counsel Credit Suisse Group AG:
Chairman, we have shared the conclusions of our investigation –

Sen. Carl Levin (D-Michigan):
No, let me –

Romeo Cerutti, General Counsel Credit Suisse Group AG:
But not, not any of these reports that we had prepare for other regulators and stuff like that. Some are confidential and cannot be shared at this point with this committee.

Sen. Carl Levin (D-Michigan):
Well, would you give us a list of the reports that we have asked for that you’ve not shared with this subcommittee and the reason you’ve not shared. Will you give us that? Not now, for the record.

Sen. Carl Levin (D-Michigan):
Now, even though you haven’t shared those reports, I want to ask whether you can tell us about some of the things that you’ve found. For instance, have you found that Credit Suisse bankers repeatedly traveled to the United States to get prospective U.S. customers and to serve existing U.S. customers in violation of your own policies? Have you found that?

Brady Dougan, Chief Executive Officer of Credit Suisse Group AG:
Yes, we did find that with the limited group of people that we mentioned. Yes, we did find that.